Chainlink (LINK) is currently trading at $8.64, showing a 24-hour decline of 2.47%. The price has fluctuated between a daily high of $8.97 and a low of $8.55, indicating a relatively tight daily range of 0.42%.

Trading volume over the past 24 hours stands at approximately $232.99 million, representing 3.81% of its market cap. The 1-hour RSI is at 34, suggesting that LINK is approaching oversold conditions, while the 7-day RSI is at 52, reflecting neutral momentum.

Examining the moving averages, the short-term 8 SMA is $8.62 and has increased by 0.25%, while the 13 SMA at $8.67 has dipped by 0.40%. In contrast, the 21 SMA and both the 55 SMA and 144 SMA are in a downtrend, indicating selling pressure in the medium to long term.

From a fundamental perspective, LINK has seen significant price fluctuations, with a 7-day price change of approximately 2.87% but a notable decline of 32.81% over the past 30 days. Its all-time high of $52.70, reached in May 2021, underscores the potential for recovery, yet current price levels remain far below that peak.

Considering the technical indicators and recent price action, LINK appears to be in a corrective phase with bearish momentum persisting in the longer-term moving averages. Given the oversold condition on the 1-hour RSI and the potential for a short-term bounce, a cautious approach is warranted.

Recommendation: **Hold**. The current technical setup suggests that while there may be short-term volatility, the broader trend remains bearish. Awaiting clearer bullish signals or confirmation of a reversal before considering new positions is advisable.